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This study utilizes panel cointegration techniques to estimate the long-run relationship as well as the causal dynamics between renewable energy consumption per capita, real gross domestic product (GDP) per capita, carbon dioxide emissions per capita, and real oil prices for a panel of 11 South American countries over the period 1980 to 2010. Specifically, we find the long-run elasticity estimates are positive and statistically significant with respect to real GDP per capita, carbon emissions per capita, and real oil prices. The results of the panel error correction model reveal a feedback relationship among the variables in question, indicative of the importance of renewable energy consumption in both the growth of output and the containment of carbon dioxide emissions. [ABSTRACT FROM PUBLISHER]

This study extends the investigation of the relationship between renewable and non-renewable electricity consumption and economic growth for 16 emerging market economies within a time-varying coefficient cointegration model spanning the period 1990–2011. The standard panel cointegration tests with fixed coefficients indicate that there is a stable long-run equilibrium relationship between real gross domestic product, renewable electricity consumption, non-renewable electricity consumption, real gross fixed capital formation, and the labor force. However, the time-varying coefficient cointegration tests show that the stability of the long-run relationship is rejected with the coefficient for non-renewable electricity consumption declining over time while the coefficient for renewable electricity consumption rising. [ABSTRACT FROM AUTHOR]

This study explores the impact of electricity consumption, as a proxy for economic activity, on stock prices for a panel of 23 Organization for Economic Cooperation and Development countries for the period 1992 to 2010. Heterogeneous panel cointegration tests reveal a long-run equilibrium relationship between stock prices and electricity consumption, while controlling for factors related to arbitrage pricing models and macroeconomic fundamentals. Finally, the panel error correction model shows bidirectional causality in both the short-run and long-run between electricity consumption and stock prices. [ABSTRACT FROM AUTHOR]

This study estimates a panel error correction model to determine the Granger-causal relationship between renewable and non-renewable electricity consumption and economic growth for South America. The results show a long-run equilibrium relationship between real gross domestic product, renewable electricity consumption, non-renewable electricity consumption, real gross fixed capital formation, and the labor force with the respective long-run coefficient estimates positive and statistically significant. The Granger-causality results indicate bidirectional causality between renewable and non-renewable electricity consumption, respectively and economic growth in both the short-run and long-run. [ABSTRACT FROM AUTHOR]

This study investigates the Granger-causal relationship between renewable and non-renewable electricity consumption and economic growth in the case of Central America within a panel error correction model framework. Larsson et al. (2001) panel cointegration test reveals a long-run equilibrium relationship between real gross domestic product, renewable electricity consumption, non-renewable electricity consumption, real gross fixed capital formation, and the labor force. With the exception of renewable electricity consumption, the respective long-run coefficient estimates are positive and statistically significant. The results from the panel error correction model indicate unidirectional causality from renewable electricity consumption to economic growth in the short-run, but bidirectional causality in the long-run. The results also indicate bidirectional causality between non-renewable electricity consumption and economic growth in both the short-run and long-run. [ABSTRACT FROM AUTHOR]

This study examines the causal relationship between renewable energy consumption and economic growth for 80 countries within a multivariate panel framework over the period 1990–2007. The results of the panel cointegration test indicates there is a long-run equilibrium relationship between real gross domestic product, renewable energy consumption, real gross fixed capital formation, and the labor force with the respective coefficient estimates positive and statistically significant. The results from the panel error correction model reveal bidirectional causality between renewable energy consumption and economic growth in both the short-run and long-run. [ABSTRACT FROM PUBLISHER]

This study analyses the dynamic effects of specific macroeconomic variables, i.e. housing loan rates, inflation, employment, and money supply, on the price of new houses sold in Greece. An error correction vector autoregressive (ECVAR) model is used in modelling the impact of the above macroeconomic variables on housing price. The results obtained through impulse response functions suggest that housing prices respond to all macroeconomic variables under consideration. Variance decompositions show that the housing loan rate is the variable with the highest explanatory power over the variation of housing price, followed by inflation and employment, while money supply does not seem to show any substantial impact. [ABSTRACT FROM AUTHOR]

This paper contributes to the existing empirical literature of inflation persistence by providing results on the level of inflation persistence for the Greek economy using an inflation series on both the aggregated and the disaggregated level. The empirical findings reveal substantial homogeneity across sectors as well as across price indices. These results suggest a very moderate degree of inflation persistence for both aggregate and disaggregate price indices. The results point to the need to account for the presence of a structural break typically related to the “Maastricht effect”; and entailed a structural increase in the persistence measure, though the average level of inflation declined. This could be a piece of evidence that although the monetary component of inflation in Greece was neutralized due to the implementation of the monetary policy by a central monetary authority, other idiosyncratic characteristics of the Greek inflation contribute to this persistent structure of the inflation series.

The goal of this paper is to investigate the efficiency of the banking systems in eight European countries over the period 1994 to 2008 by using the production frontier methodology. The paper shows that risk factors along with a size variable should be taken into account, otherwise inefficiency tends to be overstated.